Maybe you and your wife should sit down and brainstorm your goals and desired outcomes and then set about making an actionable plan to move towards achieving this.

When you are at that point, spend a few bucks and sit down with someone that will create a structure specific to you. 

As it sits it is worth around $280 ish and ARV is $340k according to me.

I probably have 150k equity at this point)- A SF rental with ~150k equity, no HELOCThe new property will probably need to sit for 6-12 months while I renovate.

I never said OP should expect to sit back and collect a check without dealing with any issues.

It has 3.125 percent and I’m sitting at about 100k in equity on that property. 

Of all the 7 beds for sale, yours is as good as or better than almost all of them, but they are also sitting on the market a long time.As far as your decor, a good thing is you have laminate or LVP flooring, which is a big plus, the missing spa is a big deal.

Good Point Don, but If I sit on the side lines and try to learn everything before jumping in, I might end up on the side lines forever. 

It's gotten so bad that for the last 2 months I've hardly looked at any properties and my downpayment is just sitting in a savings account. 

You can sit and watch the auctions happen live every day that they are occurring.